Funding arb · Price arb /

UNI

all UNI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.045%

Price spread now: OKX against Kraken Futures−0.139%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 3 days (all we have)−0.158%−$16 · spread now −0.139%, 7d avg −0.089%

Together, before fees−0.371%−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and OKX is 0.050% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.213% in total (about -11.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_UNIUSD	9.0686	0.0558	pay 0.0070% / 1h	47m 19s	$5.1M	$7.0M	50x
Short	OKX UNI-USDT-SWAP	9.0560	0.0082	get 0.0082% / 8h	47m 19s	$55.8M	$250.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee OKXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$99.94
Price spread: −0.139% → −0.089%: −$4.99
Slippage, 4 orders: −$25.2
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$150.13
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; OKX: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 2 min ago	3.83 bp	14.1 bp −$14	18.2 bp −$182	48.0 bp −$4,798	doesn't fit
Sell OKX live order book, 2 min ago	0.55 bp	7.5 bp −$7	12.9 bp −$129	64.5 bp −$6,453	doesn't fit

UNI on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective UNI/USDC PERP	−0.0049%	1h	8.8300	−2.631%	$660	$155K	12x	as long as short
Deribit UNI_USDC-PERPETUAL	0.0000%	1h	9.0608	−0.086%	$583K	$175K	50x	as long as short
Variational Omni UNI	+0.0002%	8h	9.1084	+0.438%	$4.0M	$4.3M	—	as long as short
gTrade (Gains Network) UNI/USD	L +0.0004% / S −0.0004%	1h	9.0544	−0.157%	$63K	—	150x	as long as short
dYdX UNI-USD	+0.0047%	1h	9.0850	+0.181%	$252K	$6K	10x	as long as short
Bybit UNIUSDT	+0.0054%	8h	9.0540	−0.161%	$103.3M	$104.4M	75x	as long as short
OKX UNI-USDT-SWAPshort	+0.0082%	8h	9.0560	−0.139%	$55.8M	$250.2M	50x
Nado UNI-PERP	+0.0100%	1h	9.0605	−0.090%	$975K	$4.1M	10x	as long as short
Aster UNIUSDT	+0.0100%	8h	9.0745	+0.065%	$1.0M	$3.3M	50x	as long as short
Pacifica UNI	+0.0100%	1h	9.0934	+0.273%	$302K	$586K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance UNIUSDT	+0.0100%	8h	9.0559	−0.140%	$224.1M	$588.0M	75x	as long as short
Arcus UNI-USD	+0.0100%	1h	9.0870	+0.203%	$280K	$620K	10x	as long as short
Gate UNI_USDT	+0.0100%	8h	9.0620	−0.073%	$23.3M	$58.1M	75x	as long as short
MEXC UNI_USDT	+0.0100%	8h	9.0590	−0.106%	$43.6M	$23.9M	200x	as long as short
KuCoin UNIUSDTM	+0.0100%	8h	9.0640	−0.051%	$13.8M	$13.5M	75x	as long as short
Bitget UNIUSDT	+0.0100%	8h	9.0590	−0.106%	$32.9M	$41.8M	75x	as long as short
BingX UNI-USDC	+0.0100%	8h	9.0540	−0.161%	—	$6.5M	—	as long as short
edgeX UNIUSDC	+0.0100%	4h	9.1605	+1.013%	$172K	$344K	20x	as long as short
GRVT UNI_USDT_Perp	+0.0100%	8h	9.1401	+0.788%	$646K	$2.5M	10x	as long as short
ApeX Omni UNIUSDT	+0.0100%	1h	9.1120	+0.478%	$90K	$713K	50x	as long as short
StandX UNI-USD	+0.0100%	1h	9.1200	+0.567%	$36K	$3.3M	20x	as long as short
Polymarket Perps UNI-USD	+0.0100%	1h	9.0685	−0.001%	$88K	$356K	10x	as long as short
Orderly PERP_UNI_USDC	+0.0100%	8h	9.0570	−0.128%	$16K	$1.7M	10x	as long as short
SunX UNI-USDT	+0.0100%	8h	9.0680	−0.007%	$37K	$1.3M	30x	as long as short
SoDEX UNI-USD	+0.0100%	1h	9.0635	−0.057%	$25K	$669K	10x	as long as short
HTX UNI-USDT	+0.0100%	8h	9.0760	+0.081%	$740K	$4.3M	75x	as long as short
Phemex UNIUSDT	+0.0100%	8h	9.0590	−0.106%	$27.3M	$4.4M	50x	as long as short
Paradex UNI-USD-PERP	+0.0100%	8h	9.0778	+0.101%	$26K	—	20x	as long as short
Extended UNI-USD	+0.0104%	1h	9.0566	−0.133%	$314K	$1.5M	25x	as long as short
Aevo UNI-PERP	+0.0104%	1h	9.0638	−0.053%	$32K	$1K	3x	as long as short
BloFin UNI-USDT	+0.0220%	8h	9.0640	−0.051%	$10.0M	$3.5M	75x	as long as short
01 Exchange UNIUSD	+0.0232%	1h	9.0738	+0.057%	$453	—	10x	as long as short
Coinbase International UNI-PERP-INTX	+0.0232%	1h	9.0660	−0.029%	$1.1M	$5.4M	50x	as long as short
Backpack UNI_USDC_PERP	+0.0276%	1h	9.1130	+0.489%	$1.0M	$2.4M	10x	as long as short
Reya UNIRUSDPERP	+0.0363%	1h	9.0618	−0.076%	$17K	—	20x	as long as short
GMX UNI/USD [UNI-USDC]	L +0.0380% / S −0.0320%	1h	9.0544	−0.157%	$570K	—	120x	as long as short
Kraken Futures PF_UNIUSDlong	+0.0558%	1h	9.0686	long leg	$5.1M	$7.0M	50x
Aftermath Perps UNIUSD	+0.0771%	1h	9.0803	+0.129%	$1K	$49K	10x	as long as short
Hyperliquid UNI	+0.0893%	1h	9.0772	+0.095%	$100.2M	$58.9M	10x	as long as short
Lighter UNI	+0.1104%	1h	9.0723	+0.041%	$4.6M	$5.2M	15x	as long as short